When it comes to Medicaid, all assets not equal
Saturday, October 15, 2016
To qualify for long-term care assistance from Medicaid, a senior applicant must establish both health and financial need. Financial needs are determined based on both the income and the assets of the applicant. The last few weeks we have addressed Medicaid’s income limit. Starting today, we will address Medicaid’s asset limit.
Most people have heard that they can have only $2,000 in assets to qualify for Medicaid assistance. There is a nugget (but only a nugget) of truth to this statement.
In reality, a single individual is limited to $2,000 in “countable resources” to qualify. A married couple may have $3,000 in assets. For our purposes, “assets” and “resources” may be treated as synonyms. The key is whether those assets/resources are “countable” against the $2,000 limit.
Perhaps the most significant “non-countable” asset is the applicant’s home. An …
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